About 14 of the 16 listed companies on the Malawi Stock Exchange (MSE) posted a combined K298 billion profit in the first half of 2023, consolidated figures from mid-year financial results show.
The profit for the listed companies grew by a range of 45 percent and 1,000 percent.
Among the top five performers are Illovo Sugar Malawi with a half-year profit of K48.6 billion, FMB Capital Holdings with K47 billion post-tax profit, National Bank of Malawi which registered a K35.48 billion profit, Press Corporation Limited posted a K34 billion profit and Nico Holdings earned K32.4 billion.
National Investment Trust Limited recorded a profit jump of 1,000 percent to K16.5 billion from K1.5 billion recorded during the same time last year.
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Blantyre Hotels Limited reported a K494 million loss owing to charges on loans obtained for the Lilongwe hotel project, according to its revised trading statement for the period.
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Old Mutual Limited was yet to publish its financial statement for the period.
In an interview, MSE Chief Operating Officer Kelline Kondowe spoke highly of the market’s performance during the first half of the year.
“The outlook remains positive. We are aware of the downside risks that prevail in the macroeconomic environment but the market has shown resilience so far,” Kondowe said.
Market analyst Bond Mtembezeka said the performance will entice more potential investors to the local bourse.
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“There is a strong likelihood that share prices may increase should demand be sustained and strengthened owing to the good performance,” Mtembezeka said.
The MSE has been rising steadily since the slow down caused by the Covid pandemic in 2020.
